February 28, 2013-Stocks Edge Lower on Light Volume as Markets Find Technical Resistance

Stocks turned in a relatively lackluster performance over the course of the trading day on Thursday, as traders seemed somewhat reluctant to make any significant moves. The markets experienced some consolidation following two straight days of strong gains. The major averages bounced back and forth across the unchanged line before closing modestly lower. The Dow dipped 20.88 points or 0.2 percent to 14,054.49, the Nasdaq edged down 2.07 points or 0.1 percent to 3,160.19 and the S&P 500 slipped 1.31 points or 0.1 percent to 1,514.68. The choppy trading on Wall Street came on the heels of the release of a mixed batch of U.S. economic data, with traders weighing weaker than expected GDP data against upbeat reports on jobless claims and Chicago-area business activity. While the Commerce Department released a report showing that fourth quarter GDP was revised to show economic growth compared to the previously reported contraction, the pace of growth fell well short of economist estimates.